I offer Pre-list appraisals to homeowners, realtors and purchasers as a buying and selling tool. As I have no interest in the sale of the property I can provide an unbiased value. Pre-List appraisals can be used to determine a fair and competitive sales price, as a sales tool in the selling process for both realtors and homeowners, and to determine if a home is priced correctly before signing a contract. Set yourself apart from the competition with an appraisal from an independent third party.
Insurance Update Appraisals
Have you been astounded by the prices of homes lately? Can you believe how much it costs to build a home now? Well chances are that your homeowners insurance may be less than needed to rebuild your home should something happen. A homeowner should update their coverage every few years. Not only are homes in this area more expensive, but it cost considerable more to build a home than it did a few years ago. Make sure your home is adequately covered.
Private Mortgage Insurance Removal
Many homeowners pay Private Mortgage Insurance, or PMI, without even realizing it. It may have been the only way you could get a particular loan program when you were buying your home and your loan officer may never have fully explained it to you. Typically if a loan is over 80% of the mortgage PMI may be required by the lender, although not all lenders charge this additional fee. Now that your home has appreciated, do you still need to pay for PMI? You should contact your mortgage company about how to remove PMI and save thousands of dollars a year. Many people are paying over a hundred dollars a month for mortgage insurance and do not need to anymore. Are you throwing money away?
Tax Basis Determination
Can you keep up with all the new tax laws? Many times a homeowner doesn't realize that they will be taxed heavily on their home if they sell. $250,000 for single and $500,000 for married people is the limit for appreciation before your home will be heavily taxed at sale. Keep track of your investments with an appraisal every few years, or more if the market is hot.
Date of death valuations
For estate tax purposes or disposition of the assets of a decedent, a "date of death" valuation is often required. (Sometimes, the executor of the estate may choose to have the date be six months after the date of death -- but the same principles apply.)
Attorneys, accountants, executors and others rely on Appraising in Delaware for "date of death" valuations because such appraisals require special expertise and training. They require a firm that's been in the area for some time and can effectively research comparable contemporaneous sales.
You need a professional real estate appraiser, bound by the Uniform Standards of Professional Appraisal Practice (USPAP) for a high degree of confidentiality and professionalism, and you need the kind of quality report and work product taxing authorities and courts need and expect.
Attorneys and Accountants rely on my values when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. I understand their needs and am used to dealing with all parties involved. I provide appraisal reports that meet the requirements of the courts and various agencies.
Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. Often, the date of death differs from the date the appraisal is requested. I am familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds me with confidentiality, ensuring the fullest degree of discretion.
Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report will certainly demonstrate to the authorities that the numbers used are well founded and substantiated.
Having a professional appraisal gives the executor solid facts and figures to work with in meeting IRS and state agency requirements. It assures peace of mind to everyone concerned because I am there to stand behind the appraisal if it is challenged.